Apple Federal Credit Union again misses the mark when it comes to offering excellent IRA CD rates. It’s important to earn the highest interest rates possible when opening an IRA CD because long-term investments are at risk of having their value chipped away by the cost of inflation over time.

• Apple Bank Cd Rates
• Apple Bank Cd Rates Yields
• Apple Bank Ira Cd Rates
• Big Apple Bank Cd Rates

Apple Bank serves the New York Metropolitan area, but has a storied history being founded in 1863 in Harlem in the aftermath of the Civil War.

Harlem was a primarily Dutch suburban village, not yet a part of New York City and the country was undergoing fundamental change. One element of this change was through financial reforms that brought about the formation of many regional banks.

Apple Bank was one of the few banking institutions that stood the test of time through the depression era, the 2008 financial collapse and up to present day.

• If you’ve got at least $25,000 invested with the credit union’s Apple Financial Services investment wing, you’re eligible to open this account. The primary advantage is a smokin’ hot interest rate on the first $19,999.99 in your checking account. Above that level, you’ll just earn the regular checking account interest rate.
• .Apple Bank participates in the Certificates of Deposit Account Registry Service (CDARS®) program offered by Promontory Interfinancial Network, LLC. The program enables investors to access multi-million dollar FDIC insurance coverage on large CD investments.

Today, their coverage still remains in New York City and you must visit a local branch and speak with a banker to open one of their deposit products.

If you can manage that, you’ll find the APY (annual percentage yields) provided on some of their CDs are fairly competitive when compared to the national average(s).

For a full review of Apple Bank’s certificate of deposit suite, continue reading below.

Apple Bank currently offers CDs with six terms ranging from 6 months to 3 years. Apple Bank is member FDIC and consumer deposits are federally insured up to the applicable limits. They also offer CDARS (certificate of deposit account registry service) which can offer FDIC insurance into the millions of dollars [learn more here]. We should note though that these accounts simply leverage the FDIC insurance of other institutions. Therefore they may come with different terms and conditions than what Apple Bank provides. You can speak with your Apple Bank representative for more information on how these products work and which banks they’ve partnered with.

Standard FDIC insurance covers consumer deposits up to $250,000 and $500,000 on joint accounts.

All Apple Bank CDs come with a minimum deposit requirement of $1,000.

Apple Bank CD Rates

To put the offers above in perspective, the current national average on a 12 month CD and a 3 year CD sit at just 0.16% and 0.25% APY, respectively according to FDIC data.

Their 9 month CD currently stands out as the most competitive offer, providing the highest yield with the shortest term.

Interest Payments

All Apple Bank CDs feature daily compounding interest for maximum growth.

An old school feature with Apple Bank is that they pay your interest by mail either monthly, quarterly or at maturity once your interest has reached $10 or more.

If you also have an Apple Bank checking account, money market account or savings account you can have it directly deposited, otherwise it’s paid via check.

Early Withdrawal Penalties & Grace Period

If there’s a chance you may need some of your funds prior to the maturity of your CD, you may want to shop around for other banks or credit unions or go with a variable rate savings product that allows for fee-free withdrawals. CDs are designed to provide a fixed rate for a fixed period of time.

If you do need access to your funds prior to maturity, here is what you will pay with Apple Bank.

Apple Bank Early Withdrawal Penalties

Many banks and credit unions have early withdrawal penalties on their CDs, however, Apple Bank’s are quite aggressive. Fees usually chip away at interest earnings, but don’t always eat into the principal quite like Apple Bank’s fee structure could.

If you’re intending to open an IRA CD however, you may be able to avoid some or all of an early withdrawal fee depending on your individual circumstance.

For example, if you turn 70.5 years of age this calendar year, you’re allowed to withdraw up to 20% of the principal from an IRA CD penalty-free. You’ll want to reach out to a certified advisor or tax professional to understand the tax implications.

Grace Period

Apple Bank also has a limited grace period when compared to other banks and credit unions.

The grace period is the time after your CD matures in which you can add or withdraw funds without incurring any fees.

Most banks have a grace period of 10 days. Apple Bank, however, has a grace period of just 5 days.

If nothing is done during this time, Apple Bank will renew your CD with the same terms at the going APY.

They will send you a notice of your grace period prior to its start, but we would recommend setting your own notifications as well if you intend to withdraw or add funds after your CD matures.

Apple Bank has some competitive short term, fixed rate CDs.

Their 9 month product stands out as the best, but all terms beat the national average by a respectable margin.

That said, if you live outside the greater New York City area it may be difficult to open one of these accounts. We would recommend finding a nationally available credit union or an online bank if you’re after a competitive APY.

Apple Bank Cd Rates

• Competitive short-term rates
• Wide range of CD options

• Less competitive long-term rates

• Customers in the New York City metro area
• Customers looking for CD terms of 13 months or less

Valley National Bank offers about two dozen CD options, but you need to live in New Jersey, New York or Florida to open an account. Terms range from 3 months to 60 months and the account minimum is just $500. Customers who can afford to deposit at least $100,000 also have access to options that are shorter than 3 months.

The interest rates on short-term CDs compare well with some of the best CD rates available. However, long-term options aren’t always as competitive. You should also make sure to ask about special options, like step-up and new money CDs, because they might offer better rates. Below we go over those options and the other details you need to know if you’re considering an account with Valley National Bank.

Multiple Maturity & Passbook CDs

Jumbo CDs

Valley National Bank 3-Month CD Rates Interest Rate Comparison

Overview of Valley National Bank CDs

Valley National Bank has branch locations in New Jersey (where it is headquartered), New York City and Florida. You need to live in one of those areas in order to open a CD account. You can open some accounts online, but you will need to verify your address.

The standard CDs have a minimum deposit of $500 with term lengths ranging from 3 months to 60 months (five years). Interest compounds according to your specific CD agreement. Accounts could compound monthly, quarterly or at maturity. The bank will pay out interest as you earn it. Interest that you earn must stay in your CD account. You do not have the option to transfer it to another account.

If you open an account with at least a $100,000 deposit, you have access to Valley National Bank’s jumbo CDs. Jumbo CDs operate the same way as regular CDs except that they have a higher minimum.

Step-Up CDs allow you to start your CD term with one interest rate and then increase your rate once during the term of your CD. So if you open an account with a rate of 1.00% and then partway through your term the available rate goes up to 1.10%, you can elect to change your CD to the higher rate. Though if the rate goes up again, you cannot change again.

You may also receive higher rates with a CD that requires new money. This is money that is not already on deposit at Valley National Bank.

If you need to withdraw money from your CD account, you need to wait until the end of your term. Valley National Bank will send you a notice prior to your CDs maturity date so that you can decide on your next moves. Once a CD reaches maturity, Valley National Bank will give you a grace period of 10 days. You can make any changes, additions and withdrawals to your account during that time without paying fees or penalties. Any funds that remain in your account at the end of the grace period will automatically renew into a new CD. It will have the same term length as the previous CD with the current available interest rate.

If you need to withdraw funds early, Valley National Bank may allow you to do so. However, you will pay an early withdrawal penalty. The penalty is equal to 180 days’ interest on the amount of the principal that you withdraw. That means an account with a higher interest rate will have a higher penalty.

The penalty applies first to the interest that your account has earned. If you haven’t earned enough interest to cover the penalty, it will come out of the remaining balance of your CD. In the event that isn’t sufficient either, it will come out of the amount you withdrew.

If you foresee the need to use the money before the end of the term, you should consider opening a high-interest savings account instead of a CD. It will give you flexibility with your money and you may earn higher rates than some of Valley National Bank’s CDs.

Compare Valley National Bank to Other Competitive Offers

How Much You Earn With Valley National Bank CDs Over Time

The amount of interest that you earn will depend on a few factors. Your interest rate and CD term are important but so is the frequency that your interest compounds. Not all CDs compound interest at the same frequency. This matters because a CD that compounds interest monthly will earn more than a CD compounding quarterly over the same term length.

Apple Bank Cd Rates Yields

In general, CDs from Valley National Bank have competitive rates that will earn you decent interest. Longer CDs often have higher interest rates, but sometimes the offers on shorter CDs are better.

The table below shows what your approximate total balance will depend on your initial deposit and your term length. For this table, we assumed interest that compounds monthly.

How Valley National Bank’s CD Rates Compare to Other Banks’

The interest rates from Valley National Bank are generally competitive. This is particularly true for CD terms that are about 13 months or shorter in length. There are some banks, such as Ally Bank, that offer higher rates for short-term CDs. However, the rates are still comparable. It’s also good to note that Ally is an online bank. That means you cannot visit a branch in person, but it also means you can open an account from anywhere in the country.

Apple Bank Ira Cd Rates

Should You Get a Valley National Bank CD Account?

Big Apple Bank Cd Rates

First of all, you should only consider an account with Valley National Bank if you live in New Jersey, New York City or Florida. You cannot open an account otherwise. After that, whether you should open a CD account depends on your specific goals. The short-term rates from Valley National Bank are competitive. So if you want a CD that is 13 months or shorter, you are likely to get a good interest rate. You can find higher rates (so always make sure to compare CD rate offers), but it may not be worth the trouble for you if you live near a branch of Valley National Bank. If your primary interest is a longer CD, you should consider an account elsewhere. There are banks offering higher rates and more flexibility with how you handle the interest you earn.